Putting It Together: Product Marketing In this module we’ve covered a wide range of topics related to the role of the product in the marketing mix. As you’ve seen, creating clear value for the customer, understanding the product life cycle, and creating a balanced product portfolio are all interrelated aspects of thinking about the customer and market behavior. At the beginning of this module we discussed the success of Uber’s ride-sharing… Read More »Putting It Together: Product Marketing

Improved Success in Product Development LEARNING OBJECTIVES Identify approaches to improving the success of new products Introduction One common cause of failure in the developing and marketing of new products is something called “product-market fit.” Marc Andreesen, a technology entrepreneur and investor who has written about this, explains that product-market fit is simply being in a good market with a product that can satisfy that market.[1] New technologies enhance the ability of… Read More »Identify approaches to improving the Success in Product Development

Diffusion of Innovation LEARNING OBJECTIVES Explain common challenges of new products Introduction Just as the product life cycle has a typical bell-shaped pattern, there is a predictable—and similar-shaped—pattern of buying, or adoption, when it comes to new products. This customer adoption pattern is important because it can be used to inform marketing decisions. Diffusion-of-Innovation Theory Common sense suggests that not everyone will buy a new product at the same time. Some… Read More »Diffusion of Innovation

Introduction to Challenges for New Products What you’ll learn to do: identify the challenges associated with marketing a new product successfully Have you ever waited in line to be among the first to buy a new product when it was released? Are you careful, maybe pragmatic, about trying new products? Do you continue to use products that your friends and family believe are outdated? Your answers to these questions matter to… Read More »identify the challenges associated with marketing a new product successfully

Commercializing New Products LEARNING OBJECTIVES Explain the process for commercializing new products Introduction The final phase of the new-product development process focuses on commercializing the new product. This phase includes: Stage 6: Test Marketing Stage 7: Launch Stage 8: Evaluation At last the product is ready to go. It has survived the development process and is now, you hope, on the way to commercial success. How can it be guided to reach that… Read More »Commercializing New Products : process for commercializing new products

Creating the Go-to-Market Plan The marketing requirements drive the technical product requirements that will be used to develop the product, but they have a second purpose, too. The market requirements are the major input to the marketing plan that will be used during the product launch. In answering what problem a product solves for the target buyer, we gain information about the messaging and promotion strategy. By understanding the alternatives that the… Read More »Creating the Go-to-Market Plan

Developing New Products LEARNING OBJECTIVES Identify methods for developing new product ideas Introduction The second phase of the new-product development process focuses on the actual development of the new product. This phase includes the following: Stage 4: Business Case Analysis Stage 5: Development Making the Business Case The business case is often the most challenging screening process in the new-product development process. It is not uncommon for a product team to get… Read More »Identify methods for developing new product ideas

Creating Successful Product Concepts How can businesses influence the success of the new business idea? Koen suggests a number of factors that play a role: the corporation’s organizational capabilities, customer and competitor influences, the outside world’s influences, and the depth and strength of enabling sciences and technology.[2] Organizational Capabilities You may have noticed that some companies are able to launch one dominant product after another. Other companies struggle to create… Read More »Creating Successful Product Concepts

Generating and Screening Ideas LEARNING OBJECTIVES Identify approaches to generating and screening new product ideas Introduction The first phase of the new product development process is creating a viable product concept that can move through the development phase. This phase includes the following: Stage 1: Generating New Product Ideas Stage 2: Screening Product Ideas Stage 3: Concept Development and Testing This early phase of the process differs from later phases in several ways. First,… Read More »Generating and Screening New Product Ideas

Overview of the New-Product Development Process LEARNING OBJECTIVES Explain how new products are planned Introduction There are probably as many varieties of new-product development systems as there are types of companies, but most of them share the same basic steps or stages—they are just executed in different ways. Below, we have divided the process into eight stages, grouped into three phases; subsequent readings will discuss these phases in greater detail.  Many of the activities are performed repeatedly throughout… Read More »New-Product Development Process